BellSouth Corp. head honcho Duane Ackerman stands to take in over $216 million in stock if the sale to telecom giant AT&T passes muster with shareholders and regulators.

Under the terms of the merger, which is valued at about $83 billion in stock and debt, investors get 1.325 shares of AT&T for every BellSouth share they own.

Ackerman owns about 6 million shares of BellSouth stock and options that, if converted to the 8 million shares of AT&T he receives in the merger, would be worth about $216 million based on AT&T’s closing price of $27.02.

The 62-year-old chief executive plans to stay on as head of the BellSouth operations for a short transition period after the sale closes. He is due to retire in May 2007 when his contract with BellSouth expires.

Once the deal closes, Ackerman’s restricted stock and options vest immediately, meaning he can sell the shares when he chooses, according to BellSouth’s most recent proxy statement.

Current AT&T head Edward Whitacre will be chairman and chief executive of the combined company when the deal closes.

Shares of BellSouth rose 9.7 percent to $34.50.

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Dialing for dollars

* If the AT&T merger goes through, BellSouth CEO Duane Ackerman could take home more than $216 million.